AusUnity PFS invests in FOFA expertise
Australian Unity Personal Financial Services (PFS) has recruited lawyer Ian McDermott as head of risk and compliance.
This is a new role created within Australian Unity PFS, according to CEO Steve Davis, who said McDermott would initially assist the group’s 110 advisers with the final details of the Future of Financial Advice (FOFA) transition.
“More importantly, he will help Australian Unity and their advisers take advantage of opportunities arising out of FOFA and other regulatory changes as they take effect,” Davis said.
Australian Unity PFS has been relatively ready for the legislative changes for some time now, but the recent release of some of the detail has made it clear there would be more work involved in complying with FOFA than the industry initially thought, Davis said.
“This is disappointing and is contributing to what we see is a reasonably high level of unpreparedness in the industry,” Davis said.
McDermott was previously a financial services/commercial lawyer at law firm Holley Nethercote, consulting to a range of Australian Financial Services Licensees in regard to their risk, compliance and other obligations under the law.
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